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Interest rates to rise soon, BoE warns

Bank of England Governor Mark Carney has put Britain on alert to expect a rise in interest rates at around the turn of the year. In a speech at Lincoln Cathedral, Carney said price pressures would start to emerge over the coming months and that would likely involve the need to raise interest rates from 0.5% for the first time since 2009. The warning to prepare for a rise in borrowing costs reflects the BoE's concern that debt levels remain high and that many households have never seen their monthly mortgage payments rise. The Governor said the timing and scale of interest rate rises would depend on factors such as the strength of the pound, which affects imports and exports. He added that interest rates were likely to peak at just over 2% in the medium term.

 

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